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Bitcoin drops 10pc as rout deepens

August 5, 2024

Bitcoin is under pressure from a bout of risk aversion in global markets that saddled the largest digital asset with its heftiest weekly loss since the collapse of the FTX exchange in 2022.

The original cryptocurrency sank more than 10 per cent at one point before paring some of the decline to trade at $US54,333 ($83,590). The token lost 13.1 per cent in the seven days through Sunday, the most since the FTX bankruptcy period. Smaller tokens such as ether and meme-crowd favourite dogecoin also nursed heavy losses.

The declines come as a global stock sell-off intensifies, reflecting concerns about the economic outlook and questions over whether heavy investment into artificial intelligence will live up to the hype surrounding the technology. Geopolitical tension is rising in the Middle East, adding to investor skittishness.

Bitcoin exchange traded funds in the US suffered their largest outflows in about three months on August 2. The digital asset has also tumbled through its 200-day moving average price.

The latter technical chart pattern “opens the way for a deeper pullback” towards $54,000, Tony Sycamore, market analyst at IG Australia, wrote in a note.

Bitcoin has been buffeted by a range of factors since hitting a record of $US73,798 in March, including shifting political fortunes in the US as pro-crypto Republican Donald Trump and his Democratic opponent, Vice President Kamala Harris – who has yet to detail a digital-asset policy stance – lock horns in the presidential race. (AI News, Wires)

Cryptocurrency News via Media Man and FxPro

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July 8, 2024

Crypto Bargain-hunters are back

Market picture

Bargain hunters are showing themselves in full force in crypto. Cryptocurrency market capitalisation rose 3.6% in 24 hours to $2.11 trillion, climbing back to the top of the range of the past five days. It will take the market to rise another 2% before we can say that the bear attack has been repelled. Until then, we can only talk about consolidation after the sell-off.

Bitcoin rebounded to $57.3K after a couple of dips to $54K, sticking to its descending channel that has been in force since March, but the price is very dangerously stuck at the bottom of this corridor. This situation makes us fear an acceleration of the sell-off with a potential target in the $50-51K area, where the crypto market was stagnant in February.

Ethereum trades at $3050 and remains below the 200-day moving average but has not given up trying to climb higher. Here, ETH has a strong support line, which also attracted buyers in April and May. More on the bulls' side is that the RSI on daily timeframes rises from oversold territory. These are promising technical signals, but the sustained sell-off from the US and German governments and the overhang of selling from Mt Gox lenders is clearly undermining the confidence of too many buyers.

News background

According to CoinShares, investments in crypto funds rose by $441 million last week for the first time after three weeks of outflows. Bitcoin investments increased by $398 million, Solana by $16 million, Ethereum by $10 million.

Recent price declines, driven by potential selling pressure from Mt Gox and the German government, were probably seen as a buying opportunity. Inflows into BTC accounted for only 90% of the total inflows, as investors chose to invest in a much broader set of altcoins. The most notable of these was Solana, which has received $57 million in investments since the beginning of the year, making it the most efficient altcoin in terms of flows, CoinShares noted.

German authorities continue to transfer Bitcoins to exchanges. On 8 July, two 250 BTC transfers were made to Coinbase and Bitstamp platforms. Transactions of 700 BTC and 500 BTC followed to unidentified Arkham numbers.

The Bitstamp exchange promised to distribute the payments from Mt Gox "as soon as possible," despite having a 60-day deadline. So far, only Japanese BitBank and SBI VC Trade addresses have been distributed coins. The three remaining recipients - Bitstamp, Kraken and BitGo - are still awaiting their turn. The trustee has 94,771 BTC (~$5.4bn) left to send.

Bitfinex points out signs of a potential end to the market correction. Short-term investor selling is potentially close to exhaustion. Meanwhile, the funding rate for perpetual BTC contracts has turned negative for the first time since 1 May.

Sports News Update

X's Grok Helps Keep Online Publishers, Newsrooms Up To Speed; Media Man

August 2, 2024

News

U.F.C. Abu Dhabi Fight Card

The UFC event in Abu Dhabi on August 3rd, 2024, is generating significant discussion among fans and analysts. The main event features Umar Nurmagomedov against Cory Sandhagen, with Nurmagomedov being favored by many. The card includes other notable fighters like Deiveson Figueiredo, Marlon Vera, and Shara. Predictions and betting odds are being shared across social media, and Khabib Nurmagomedov is expected to be in Umar's corner. The event is free to watch on ABC Network, further enhancing its accessibility and viewership. Tony Ferguson has expressed his desire to continue fighting in the UFC, while other fighters like Figueiredo and Vera are also generating interest among fans. The event promises to be an exciting showcase of talent and competition in the world of mixed martial arts. (Grok)

News

UFC Abu Dhabi Event

The upcoming UFC event in Abu Dhabi on August 2, 2024, is generating significant buzz, featuring a main event between undefeated Umar Nurmagomedov and Cory Sandhagen. The event is free to watch on ABC Network and includes notable fighters such as Deiveson Figueiredo and Marlon Vera. The card also features Tony Ferguson, who has expressed his desire to continue fighting in the UFC. The event is anticipated to be a major one, with Khabib Nurmagomedov expected to be in Umar's corner. Betting predictions and discussions are prevalent across social media platforms, with various analysts and fans sharing their insights and picks for the fights.

News

Survivor Series: WarGames in Vancouver

WWE has announced that Survivor Series 2024 will be held in Vancouver, Canada, marking the first WWE pay-per-view event in the city since 1998. The event, featuring the WarGames match format, is scheduled for November 30 at Rogers Arena. This decision has sparked excitement among wrestling fans and local residents, with many expressing enthusiasm about attending the event in Vancouver. (Grok)

News

SummerSlam Predictions and Anticipation

WWE SummerSlam 2024 is generating significant anticipation among fans, with many expressing excitement and making predictions about the outcomes of various matches. Key discussions revolve around potential returns of prominent wrestlers such as Roman Reigns and The Rock, as well as the outcomes of matches like Cody Rhodes vs. Solo Sikoa and Liv Morgan vs. Rhea Ripley. The event is set to feature a variety of matches that fans are eagerly awaiting, including those involving LA Knight, Logan Paul, and Gunther. The overall sentiment is one of excitement and speculation, with fans looking forward to a thrilling event. (Grok)

News

Rampage Debuts for MxM & Private Party on AEW

All Elite Wrestling (AEW) is gearing up for an exciting lineup of events, including the highly anticipated All In event scheduled for August 25, 2024. The event is generating significant buzz among fans and is anticipated to surpass the success of the previous year's event. The card for All In features high-stakes matches such as Bryan Danielson putting his career on the line against Swerve, MJF facing Will Ospreay, and a tag team grudge match involving Darby Allin, FTR, and ROH Champion Sussex Co. Chicken against formidable opponents. AEW is also promoting other shows like AEW Dynamite and AEW Rampage, which feature matches like Hangman Page vs. Darby Allin and MxM Collection's debut against Private Party, respectively. The promotion is leveraging various platforms and media to engage with fans and build anticipation for these events. (Grok)

News

Crawford vs Madrimov: Pre-Fight Press Conference

Terence Crawford and Israil Madrimov are set to face off in a highly anticipated boxing match on August 3rd, as part of the Riyadh Season Card. The event, which will be available on PPV, has generated significant buzz among boxing fans and media. The undercard for the event is also noted for its quality, featuring a heavyweight bout between Andy Ruiz Jr. and Jarrell Miller, as well as other notable fights. The event is expected to be a major draw, with fans eagerly anticipating the outcome of the main event between Crawford and Madrimov. (Grok)

News

TNA Wrestling: Rascalz vs. Bailey, Seven & KUSHIDA

TNA Wrestling's iMPACT episode on August 1, 2024, featured a lineup of exciting matches and events. The show included a TNA World Title match between Nic Nemeth and Mustafa Ali, as well as the wedding of PCO and Steph De Lander. Other matches included The Rascalz in action against Mike Bailey, Trent Seven, and KUSHIDA in a six-man tag team match, Frankie Kazarian vs. Ryan Nemeth, and Jody Threat vs. Masha Slamovich. The event was broadcasted on various platforms including TNA+, AXS TV, DAZN, and YouTube, catering to a wide audience. Fans and wrestling enthusiasts expressed their anticipation and excitement for the event across social media platforms. (Grok)

ROH

Ring of Honor (ROH) is a professional wrestling promotion recently acquired by Tony Khan, CEO of All Elite Wrestling (AEW), Chief Football Strategy Officer of the Jacksonville Jaguars, and GM/Sporting Director of Fulham F.C. ROH has been holding events and television tapings, with notable developments including Sammy Guevara's return to help Dustin Rhodes against the Dark Order at the July 28th tapings. The promotion has been building new stars and continues to feature high-profile matches and events. (Grok)

News

WWE 2K24 Online Stability Hotfix

WWE 2K24 released Patch 1.14 to address online stability issues, which was automatically applied upon game loading. The update aimed to fix problems with the Pat McAfee Show Pack DLC for PS5 users, which was resolved, allowing the pack to be downloaded. However, the patch also caused issues with mods on PC, and some users reported problems with Titantrons in create an entrance and the unavailability of DLC for PlayStation 5 users. Despite these issues, WWE 2K24 encouraged players to participate in a giveaway for SummerSlam and provided a locker code for 7500 VC. (Grok)

Max Verstappen's Potential Mercedes Move

Speculation is rife about Max Verstappen potentially joining Mercedes, fueled by recent high-profile departures from Red Bull Racing. Despite the rumors, some fans express skepticism about the likelihood of such a move. The discussion also touches on the stability of other drivers' positions within their teams, with some questioning the rationale behind certain team decisions. Additionally, there is discussion about the performance comparison between Verstappen and his teammate, Perez, at Red Bull Racing. (Grok)

News

Wheatley's Move from Red Bull to Audi F1

Jonathan Wheatley, the long-serving sporting director at Red Bull Racing, is set to leave the team at the end of the 2024 season to become the new team principal of the Audi Formula 1 project. This move has been confirmed by Red Bull and widely reported across various Formula 1 news outlets. Audi has not officially commented on Wheatley's appointment, and there are indications that they were not expecting the announcement. Wheatley's departure marks a significant change in leadership for Red Bull and a notable acquisition for Audi as it prepares to enter Formula 1. The transition is expected to take place after the 2024 season, with Wheatley remaining in his current role until then. (Grok)

News

WWE NXT Great American Bash Week One

The WWE NXT Great American Bash kicked off with a series of exciting matches and events, including a WWE Women's Tag Team Championship match where Alba Fyre & Isla Dawn defended their titles against Jakara Jackson & Lash Legend. Other highlights included a NXT Women’s Championship match between Roxanne Perez and Thea Hail, a live concert by Joe Hendry, and a NXT Heritage Cup match between Tony D'Angelo and Tavion Heights. Fans and commentators expressed excitement and anticipation for the event, with many rooting for their favorite wrestlers and speculating on potential outcomes. (Grok)

News

NXT Women's Championship: Roxanne Perez Retains

Roxanne Perez successfully defended her NXT Women's Championship against Thea Hail in a highly acclaimed match at NXT GAB. The match was praised for its intensity and the young ages of the competitors, with both being under 23 years old. The event also featured other notable matches, including Joe Hendry expressing frustration with Gallus and a confirmed match between Joe Hendry and Joe Coffey for the following week. The overall event was well-received, highlighting the talent and potential of the NXT roster. (Grok)

News

Bowlin Graham's Pocono Win Secures Playoff Spot

Graham Bowlin secured a spot in the 2024 eNASCAR Coca-Cola iRacing Series playoffs with a win at Pocono Raceway. Despite missing out on the playoffs, drivers from Spire Motorsports expressed pride in their team's efforts. Nick Ottinger also secured a playoff spot, marking the seventh consecutive season Team Conti has fielded at least one car in the post-season. The playoff lineup includes Steven Wilson, Parker White, Nick Ottinger, Graham Bowlin, Vicente Salas, Bobby Zalenski, Tucker Minter, Garrett Lowe, Dylan Duval, and Daniel Faulkingham. (Grok)

News

CM Punk's Top 5 Wrestlers of All Time

During an interview on ESPN's First Take, CM Punk named his top-5 wrestlers of all time, which included Harley Race, Terry Funk, Stone Cold Steve Austin, Eddie Guerrero, and initially Ricky Steamboat, but he later switched to Roddy Piper. This selection sparked discussions among fans and commentators, with some expressing surprise at the absence of Bret Hart from the list. Punk also highlighted Stone Cold Steve Austin as the biggest superstar in the industry. The interview took place ahead of SummerSlam 2024, which is set to occur in a few days, generating anticipation among wrestling fans. (Grok)

News

Cedric Alexander's NXT Victory

Cedric Alexander emerged victorious in a match against Brooks Jensen on the WWE NXT show. The win was unexpected by some fans and commentators, and it was celebrated by many on social media. The event also featured other matches and announcements, including a promo by Pete Dunne about his upcoming match with Trick Williams. (Grok)

News

UFC Abu Dhabi Event

The Ultimate Fighting Championship (UFC) is set to host a highly anticipated event in Abu Dhabi this Saturday, featuring a stacked card of fights. Notable fighters on the card include Tony Ferguson, Cory Sandhagen, and Mackenzie Dern. The event is free and open to the public, with a live broadcast on various platforms. Fans and analysts are discussing the matchups and sharing their predictions and betting tips for the fights. Cory Sandhagen is a key focus of the event, with many fans and analysts predicting a strong performance from him in his fight against Umar Nurmagomedov. (Grok)

News

AEW Returns and Criticisms

The recent episode of AEW's Dynamite received mixed reactions from fans and critics, sparking discussions on various aspects of the show. Topics included the return of a star after a five-month absence, the company's approach to pushing certain talents, and comparisons between AEW and WWE. Some fans expressed disappointment in the show's content and booking decisions, while others praised specific moments and storylines. The discourse highlighted a range of opinions and critiques regarding AEW's current direction and its relationship with its audience and competitors. (Grok)

News

AEW Collision Viewership Drop Amid Summer Events

AEW Collision viewership experienced a significant drop, averaging 383,000 viewers with a 0.12 P18-49 rating, marking a 19% decrease from the previous week. This decline was attributed to tough competition from the Olympics. Meanwhile, WWE's SummerSlam is generating anticipation, with fans expressing mixed feelings about the event and the potential outcomes for their favorite wrestlers. (Grok)

News

Grok Search: TNA Wrestling

Total Nonstop Action Wrestling (TNA) is an American professional wrestling promotion founded in 2002 by Jeff Jarrett and Jerry Jarrett. It is currently owned by Anthem Sports & Entertainment and is based in Nashville, Tennessee. TNA was initially known as NWA: Total Nonstop Action until 2004 when it rebranded to its current name.

TNA has been known for its innovative matches and storylines, and it has featured many notable wrestlers such as Kurt Angle, Sting, AJ Styles, Samoa Joe, and Jeff Hardy. The promotion has also been praised for its women's division, known as the Knockouts Division, which features some of the top female wrestlers in the world.

TNA has faced a number of challenges over the years, including changes in ownership and a decline in viewership. However, the promotion has continued to produce entertaining and innovative content, and it remains a significant player in the world of professional wrestling. (Grok)

News

Umar vs Sandhagen for Title Shot

Umar Nurmagomedov is set to face Cory Sandhagen at UFC Abu Dhabi, with the winner potentially earning a title shot against the victor of the Sean O'Malley vs Merab Dvalishvili bout. The event also features Tony Ferguson, who is looking to make a comeback. The fight card is generating significant interest and betting activity among fans and analysts. Additionally, there are discussions about potential matchups for Shakur Stevenson, including a verbal agreement for a fight with William Zepeda, although no official agreement has been reached yet. The event is also notable for Khabib Nurmagomedov's involvement in Umar's corner. (Grok)

News

Ruiz vs Miller: Boxing Showdown in Riyadh

On August 3, 2024, a significant boxing event is set to take place featuring several high-profile matches. The main event includes a face-off between Andy Ruiz and Jarrell Miller, which has garnered significant attention and anticipation. Other notable fights on the card include a matchup between Isaac Pitbull and Jose Valenzuela, which is expected to be a highlight of the evening. Additionally, the event features the return of Andy Cruz against Antonio Moran, adding to the excitement. The event is part of the Riyadh Season and will be broadcasted on ESPN Plus PPV. (Grok)

News

Russell Disqualified, Hamilton Wins Belgian GP

Lewis Hamilton was declared the winner of the Belgian Grand Prix after his teammate George Russell was disqualified for having an underweight car. Russell initially crossed the line first but was stripped of his win due to the technical violation. Hamilton's victory marked his second win in three races, sparking discussions among fans and commentators about the nature of his win and Russell's performance. The disqualification also led to Oscar Piastri being promoted to second place, and Charles Leclerc finishing third for Ferrari. (Grok)

News

F1 Drivers Pole Positions and Race Outcomes Debate

In recent Formula 1 races, Charles Leclerc has been praised for his ability to secure pole positions and maintain leads in a slower car, contrasting with Lando Norris's performance in a faster car. Max Verstappen has consistently performed well, often starting from lower positions and finishing higher, despite debates about the relative performance of his car. The current season is highly competitive, with several drivers from different teams closely competing in points, highlighting the tight competition in Formula 1. (Grok)

News

US Women's Rugby Wins First Olympic Medal

The United States women's rugby sevens team won their first Olympic medal, a bronze, in a dramatic match against Australia at the 2024 Paris Olympics. The victory was sealed by a last-minute try and conversion by Alex Sedrick. Meanwhile, Simone Biles led the United States to a dominant victory in the women's gymnastics team final, securing her fifth career Olympic gold medal and becoming the most decorated U.S. Olympic gymnast in history with a total of 8 medals. (Grok)

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July 1, 2024

Buyers failed to pick up on the crypto market

Market picture

The crypto market has been enjoying an influx of buyers since Saturday, with a visible acceleration on Monday. Over the past 24 hours, capitalisation has risen 3.6% to $2.33 trillion. Last week’s drop in the crypto sentiment index to 30 (fear zone) reversed the price twice, showing that the market is dominated by a ‘buy the dip’ pattern.

Bitcoin is trading near $63.3K, adding 5% since Saturday morning and reaffirming the importance of support at 61.8% of the Jan-March rally. From another perspective, Bitcoin is adding and bouncing off the lower boundary of the downward channel. Likely, the price is now moving towards the upper boundary at $67K. However, cautious buyers may prefer to wait for confirmation with the price rising above $72-73K - the pivot area of the last four months - which would be confirmation of the start of a new impulsive wave of growth.

Bitcoin ended June down 8.5% to $61.9K. In terms of seasonality, July is considered quite successful for BTC, adding eight times (22.3% on average) out of the last 13 and declining on five occasions (-7.8% on average).

News background

In terms of on-chain analysis, quotes have crossed the realised price level of short-term holders at $62,000, which historically can act as support during corrections in bull markets.

According to Arkham data, German authorities sent another 595 BTC worth ~$36.6 million to crypto exchanges on 26 June. Authorities began actively moving the cryptocurrency on 19 June, when some of it first hit the Kraken and Bitstamp exchanges.

Bitwise forecasts net inflows into spot ETH-ETFs in the US of $15bn in the first 18 months. Bloomberg expects trading in the new product to start on 2 July.

Solana Foundation has launched tools that enable it to turn any website or app into a gateway for cryptocurrency payments and other blockchain transactions.

On 26 June, the Blast development team completed the first phase of an airdrop, distributing 17 billion BLAST tokens (17% of the total issuance). Blast is an Ethereum-based layer 2 (L2) network that was launched in November 2023 by Blur founder under the pseudonym Pacman. In terms of blockchain value locked (TVL), the Blast ecosystem is ranked sixth in the DeFi Llama ranking with a value of $1.58bn.

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Donald Trump to Headline Bitcoin 2024 Conference in Nashville

July 11, 2024

Former President Donald Trump has been confirmed as a keynote speaker at the upcoming Bitcoin 2024 conference set to take place in Nashville, Tennessee.

This news comes as a significant development for the event, known for its major industry announcements and influential speakers. The conference, which has previously been hosted in Miami, has established itself as a platform for groundbreaking news within the cryptocurrency space.

Bitcoin 2021, the inaugural conference, made headlines when El Salvador officially declared Bitcoin as legal tender. The subsequent Bitcoin 2022 and Bitcoin 2023 conferences continued the trend of notable moments, including a powerful speech by U.S. Presidential candidate Robert F. Kennedy Jr. in support of the Bitcoin industry.

This year, the shift of the conference location from Miami to Nashville signifies its increasing prominence on the global stage. With two former U.S. Presidential candidates, Robert F. Kennedy Jr. and Donald Trump, slated to speak, Bitcoin 2024 is anticipated to be a pivotal event that could potentially impact the future trajectory of Bitcoin and cryptocurrency policies in the United States.

Donald Trump’s participation in the conference is especially noteworthy considering his recent engagements with the Bitcoin community. Earlier this year, Trump met with prominent U.S. Bitcoin miners, including representatives from CleanSpark, where he reiterated his support for Bitcoin mining both domestically and internationally. In a statement, Trump pledged to prioritize the development of Bitcoin and crypto initiatives in the United States and safeguard the rights of the nation’s 50 million crypto holders if re-elected as president.

As Trump embarks on his presidential campaign, his alignment with the Bitcoin industry stands in contrast to the position of his potential rival, President Joe Biden, who has shown less enthusiasm towards the cryptocurrency sector. While Biden’s participation in Bitcoin 2024 remains unconfirmed, the event could underscore the divergent approaches of the two candidates towards Bitcoin and its implications for U.S. policies.

For additional details on the Bitcoin 2024 conference and to secure a discounted ticket using a promotional code, interested individuals can visit the official event website. Bitcoin Magazine, a subsidiary of BTC Inc, the organizer of the largest Bitcoin conference, The Bitcoin Conference, will be overseeing the event.

Websites

Bitcoin 2024
https://b.tc/conference/2024

Bitcoin Magazine
https://bitcoinmagazine.com